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Willoughby
<br />Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing
<br />Loan no. 197694
<br />9
<br />201503'758
<br />such sources, in such quantities and at such times and locations as has historically been available to the Property
<br />without interruption or substantially increased cost and in any event sufficient to provide adequate water and /or
<br />drainage to continue the current and proposed agricultural operations on the Property. All existing Water Rights
<br />benefiting or available to the Property shall be maintained in full force and effect for the benefit of the Property by
<br />Trustor and applied to beneficial use so as to maintain the validity and priority of such rights. Trustor shall fully
<br />comply with, and not permit a default to occur under any water licenses, permits or delivery contracts used to
<br />provide water to the Property, and shall timely exercise all renewal or extension rights in such contracts. Trustor
<br />shall not modify, amend or terminate any Water Rights without Beneficiary's prior written consent. Trustor shall
<br />comply with the rules, regulations and ordinances of any water district, water agency or groundwater
<br />management agency in which the Property or any portion thereof is located and pay all related fees and
<br />assessments prior to delinquency. All irrigation wells and related facilities used to deliver irrigation water to any
<br />portion of the Property shall remain physically located within the boundaries of such Property or the subject of
<br />valid, enforceable easements appurtenant to the Property and encumbered hereby. If the use of any irrigation
<br />facilities or water serving the Property requires consent or the use of other property, Trustor shall maintain in
<br />effect all requisite easements or other legally enforceable and assignable rights to use such facilities and /or water
<br />to service the Property. Trustor shall notify Beneficiary if the irrigation water supply to any portion of the Property
<br />is interrupted or subject to interruption for any reason other than temporarily for routine maintenance or repairs
<br />in a manner that does not impair the operation of the Property.
<br />7.04 Operations on Property. Trustor shall keep the Property in good condition and repair; operate
<br />the Property, whether improved pastures, orchards, groves, grazing, timber, or crop lands, in a good and husband -
<br />like manner in accordance with accepted principles of sound agricultural and forestry practices in the area in which
<br />the Land is located; take all reasonable precautions to control wind and water erosion; fertilize improved pastures,
<br />if any, where necessary to maintain a good stand of desirable grasses; protect orchards and timber, if any, by
<br />reasonable precautions against loss or damage by fire including the maintenance of appropriate fire breaks; and
<br />neither to remove nor permit the removal of any oil, gas, mineral, stone, rock, clay, or gravel owned by Trustor, or
<br />any timber, buildings, top soil, or fertilizer, without the prior written consent of Beneficiary
<br />7.05 Compliance with Applicable Law Trustor shall not commit or allow any act upon or use of the
<br />Property which would violate any Applicable Law, whether now existing or later to be enacted and whether
<br />foreseen or unforeseen, or any public or private covenant, condition, restriction or equitable servitude affecting
<br />the Property.
<br />7.06 Taxes and Assessments. Trustor shall pay: (a) prior to delinquency all taxes, levies, charges and
<br />assessments imposed by Applicable Law or any public or quasi- public authority or utility company which are (or if
<br />not paid, may become) a lien on all or part of the Property or any interest in it, or which may cause any decrease in
<br />the value of the Property or any part of it (individually and collectively "Impositions "); (b) any and all intangible
<br />taxes and documentary stamp taxes determined at any time to be due on or as a result of the Secured Obligations,
<br />this deed of trust or any other Loan Documents, together with any and all interest and penalties thereon; and (c)
<br />taxes, levies, charges and assessments on Trustee or Beneficiary's or Secured Parties' interest therein or upon this
<br />deed of trust or the Secured Obligations (individually and collectively, "Mortgage Taxes "); except that if the
<br />amount of Mortgage Taxes exceeds the Maximum Rate, Trustor will not be required to pay any such excess. If
<br />after the date of this deed of trust, the State of Nebraska passes any law deducting from the value of Land for the
<br />purpose of taxation any lien thereon, or changing in any way the laws for the taxation of mortgages or debts
<br />secured by a mortgage for state or local purposes, or the manner of the collection of any such taxes, so as to affect
<br />this deed of trust, then within 180 days after notice by Beneficiary to Trustor, Trustor shall pay all Secured
<br />Obligations. Notwithstanding the foregoing provisions of this Section 7.06, Trustor may, at its expense, contest
<br />the validity or application of any Imposition by appropriate legal proceedings promptly initiated and conducted in
<br />good faith and with due diligence, provided that: (a) Beneficiary is satisfied that neither the Property nor any part
<br />Rev. 1.7.2015
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